Macau’s gaming revenue fell a 15th straight month in August as the recent opening of new gambling resorts failed to bring back visitors from mainland China over the popular school holiday season, Bloomberg reported Tuesday.
Gross gaming revenue fell 35.5 percent to 18.6 billion patacas (US$2.3 billion), widening from July’s 34.5 percent drop, data from Macau’s Gaming Inspection and Coordination Bureau showed.
The casino downturn has dragged Macau’s gross domestic product to its lowest level since 2011 as the slowdown in economic growth in the mainland reduced visits by mass-market gamblers while high-rollers avoided the city amid Beijing’s crackdown on graft.
While operators hoped new projects, including Galaxy Entertainment Group Ltd.’s two casinos opened in May, would revive demand, travel to Macau fell in July, with visitors from the mainland — the biggest group — down 6.1 percent.
Gross gaming revenue has fallen 36.5 percent year-to-date.
August’s steeper decline reversed an easing in the industry since February when monthly revenue plunged by a record 48.6 percent.
In response to the casino industry downturn, Macau will cut public spending by about 1.4 billion patacas in fiscal 2015, reducing costs in areas such as the purchase of daily supplies and third-party services, a government statement posted on Tuesday said.
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